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CS Professional · Arbitration, Mediation and Conciliation · Arbitration under Investors' Grievances Redressal Mechanism of Stock Exchanges

In a stock exchange arbitration over a small client claim, both parties agree in writing before the tribunal is appointed to use the fast track procedure, with a sole arbitrator chosen by them. The tribunal asks whether it must hold an oral hearing. Which is correct under section 29B?

The tribunal decides on written pleadings, documents and submissions without an oral hearing. A hearing may be held only if all parties request it or the tribunal considers it necessary to clarify certain issues. It is therefore neither compulsory nor completely prohibited.

  1. AAn oral hearing is mandatory in every case
  2. BNo oral hearing is held on the basis of pleadings and documents, unless all parties request one or the tribunal considers it necessary to clarify issuesCorrect
  3. CAn oral hearing is allowed only if the exchange's president permits it
  4. DOral hearings are barred completely under fast track

Explanation

Section 29B(3)(a) requires a decision on written pleadings, documents and submissions without oral hearing. Under 29B(3)(c), a hearing may be held only if all parties request it or the tribunal considers it necessary to clarify certain issues. So it is neither mandatory nor wholly barred.

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